Senators Blast Prediction Markets -- and the CFTC

Also, SEC's Peirce will become a law professor in November; Fed proposes new account for fintechs; Barney Frank remembered

A Senate Commerce subcommittee gathered this morning ostensibly to hear testimony about the integrity of sports in the wake of several high-profile gambling scandals. But lawmakers quickly set their sights on the explosion of betting on prediction markets – and bashed the upstart trading platforms on a bipartisan basis. The CFTC, the industry’s federal …